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2022 (3) TMI 436 - ITAT DELHIDeduction u/s 54F - investment in a new residential house - HELD THAT:- On a careful perusal of the remand report furnished by the Assessing Officer, it becomes patent and obvious that on physical inquiry it has been found that the new asset purchased by the assessee is a residential house. That being the factual position, assessee’s claim of deduction u/s 54F of the Act is certainly allowable. In view of the aforesaid, we do not find any infirmity in the decision of learned Commissioner (Appeals) in allowing assessee’s claim of deduction under section 54F of the Act. Commissioner (Appeals) has not adjudicated the issue relating to cost of improvement claimed by the assessee - No such adjudication is necessary as the investment made by the assessee in purchase of new residential house subsumes the entire sale consideration. Therefore, it becomes irrelevant whether assessee’s claim of cost of improvement is allowable or not. Accordingly, grounds are dismissed.
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